EMV-compatible layer 1 protocol, Flare, has received the Algorand Foundation Bridges SupaGrant to build a bridge that will connect the Bitcoin network with Algorand.
Flare to Bridge Bitcoin and Algorand
The grant partnership between both firms will help boost the growth of the Algorand ecosystem and the DeFi industry at large.
In an official press release shared with CryptoPotato on Tuesday, Flare noted that the bridge will enable secure and trustless interoperability between Algorand’s native token, ALGO, and BTC. It will also boost Algorand’s interoperability with other non-smart contract tokens, including DOGE, XRP, LTC, and XLM.
Speaking on the new partnership, Daniel Oon, Head of DeFi at Algorand Foundation, said,
“We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We look forward to our partnership bringing value to our respective communities.”
Connecting the World
Flare is a new L1 protocol designed to facilitate cross-chain interoperability without compromising security. It promises to “connect everything” in the blockchain world.
Flare will develop the bridge using its innovative interoperability protocols – the Flare Time Series Oracle (FTSO) and the State Connector.
Flare Network obtains the latest decentralized price data using the FTSO protocol, and its State Connector ensures that any open system, both on- and off-chain, can be trustlessly proven to smart contracts on Flare.
Flare uses these two technologies to enable seamless and secure interoperability between multiple chains. They form the basis of the Bitcoin bridge, which can be upgraded to support ALGO’s interoperability with other smart contract Layer-1 tokens.
Sean Rowan, the co-founder and CTO of Flare, said: “We have a huge amount of respect for the Algorand team and are excited to be developing a secure and trustless bridge for the Algorand ecosystem. The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory. Flare’s new approach is an entirely different way, built from the ground up rather than being based on existing bridging technology – and will bring a breakthrough in secure, decentralized interoperability between any and all chains.”